Many of us look back fondly at our college experiences, but not so much at the debt and cost associated with it. Data shows that the average student loan debt for members of the Class of 2017 was $39,400! That’s a lot of money for education and can leave graduates stressed about finances. Having a plan to manage your loan payments and other expenses (like your rent at our luxury apartments in Tulsa) will ease your concerns.
Below we’re shedding light on a few ways to help you tackle your student loan payments. Oh, and when you’re done reading through it, please be sure to send this blog post to your friends. Better yet, go ahead and send it to your neighbors at your community of apartments for rent in Tulsa!
Know Your Interest Rates
If you’ve secured loans to pay for college then you’re likely paying interest on the amount you financed. Depending on the type of loan you took, interest may start as soon as the loan kicks in or after you graduate.
Interest rates will vary by loan. It’s recommended to pay off your loans with the highest interest rate first to avoid paying too much more money out of pocket for your education. This is also a strategy to keep in mind when paying off other things like a car or credit card debt.
Set Up Automated Payments
Paying down your loans on a regular schedule will help you budget accordingly. Additionally, setting up automated payments will ensure your loans are always paid on time. Missing payments can incur extra fees and harm your credit score, neither of which is good for your financial health.
Some lenders will even incentivize automated payments, so taking the time to look into automatic payments can really pay off. Even if it looks like a very small percentage, it will work out in your favor in the long run.
Prepay Your Loans
This option might not work for everyone, but if you find yourself with a little extra money one month it might be worthwhile to put it toward your student loans. Paying off more than your minimum will allow you to focus on minimizing interest payments. Most lenders will allow you to select the specific loan you want your extra payments to go toward.
Prepaying your loans can also be a huge help in the event you run into financial issues down the road and can’t afford your monthly payment. If your loans are paid ahead then it will reduce the risk of defaulting.
That’s it for our student loan tips! We’ll have a new post coming soon, so be sure to bookmark our blog page if you’d like to see more recommendations and tips for Tulsa living. Also, did you know we have an Instagram? Follow us there, so you never miss out on our special events, promotions, and community updates! Thanks for taking the time to check out our blog, and have a wonderful rest of your day at 71 Apartments!